PwC’s 2026 outlook revealed that CPG dealmaking is on the rise as food and beverage companies chase wellness. Meanwhile, inflation pressures, processed-food scrutiny, and portfolio shakeups put legacy snacks and sugary beverages under the microscope.
Coming off a year where food and beverage M&A activity remained relatively stable, 2026 is shaping up to be a strong year for dealmakers. The current market is characterized by fewer, higher transaction deals, with an appetite for disruptive brands.
Sysco’s $29 billion acquisition of Restaurant Depot is raising red flags among investors, who sent shares tumbling 15% amid concerns over timing, debt, and execution risk. While the deal expands Sysco into the fast-growing cash-and-carry segment, questions remain about whether the move will deliver long-term value.
Deal activity never found its footing last year, finishing at its lowest level since 2020 and well below market forecasts; however, sentiment is beginning to turn. As firms look ahead to 2026, we are seeing signs of re-engagement that could mark a pivot away from the caution that defined much of the past year.
